Real property tax


Also found in: Acronyms.

Real Property Tax

A property tax on local real estate that is calculated according to the fair market value of the real estate. That is, a real property tax is assessed as a percentage of the amount for which the owner would be able to sell the property in the current market. As a result, real property taxes increase when the local property market is bullish and decline when it is bearish.

Real property tax.

A real property tax is a local tax on the value of real estate. The property may be assessed at full value, which is presumably the price that the owner could sell it for in the current market, or using some other valuation method.

The taxing agency, such as a county, city, town, or village, sets a tax rate, which is multiplied by the assessed value of each property to determine the tax due on that property.

You may be able to deduct real property taxes on your federal income tax return, but large deductions for real estate taxes are one of the factors that may result in your owing the alternative minimum tax (AMT).

References in periodicals archive ?
According to the DOF, the real property tax collection efficiency recorded in 2016 was at 71 percent for all LGUs, 73 percent for cities, and 68 percent for provinces and municipalities.
Government employees of both local and national agencies are urged to pay their real property taxes before end of this month to serve as example to other taxpayers and likewise avail of the ten percent discount.
Taxpayers whose real property taxes remain unpaid 60 days after the last date on which they could have been paid without interest (or, if the taxes are payable in installments, remain unpaid 60 days after the last date on which the final installment could have been made without interest) are not eligible for the credit.
The Tax Court found the QEZE real property tax credit to be different from the other credits.
A residential property, owned by a religious organization and used as a residence for its maintenance employee, was not entitled to an exemption from real property tax according to the Commonwealth Court of Pennsylvania.
EO gives real property tax break to power producers !-- -- Christina Mendez (The Philippine Star) - August 17, 2019 - 12:00am MANILA, Philippines Invoking public interest, President Duterte has issued Executive Order No.
88 signed on Tuesday, a copy of which was released to the media only on Friday, ordering the reduction and condonation of all liabilities for real property tax, including any special levies accruing to the Special Education Fund for calendar year 2018 on property, machinery and equipment actually used by IPPs for the production of electricity under a BOT scheme and similar contracts.
"Considering that the subject land and the revenue derived from the lease thereof are used by UP for educational purposes and in support of its educational purposes, UP should not be assessed, and should not be made liable for real property tax on the land subject of this case," the SC ruled.
The City Treasurer's Office (CTO) will penalize taxpayers who failed to settle their real property tax (RPT) due on June 30, 2019, an official said.
These reforms are contained in the real property tax system embodied in Package 3 of the Duterte administration's Comprehensive Tax Reform Program (CTRP).
Talery, for his part, says once the program starts, designated LRA officers will be named as Champions at various churches and mosques with the aim of creating awareness and guidance on real property tax matters.
This year, the countywide Metro real property tax rate will go from 12.45 cents per $100 assessed value to 12.35 cents.

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